10月30日晚，水井坊披露2025年三季度业绩报告，实现营业收入23.48亿元，归母净利润3.26亿元。聚焦第三季度单季，公 司营收为8.5亿元，环比增长57.79%；归母净利润2.21亿元，重回盈利轨道。同时，净利率回升至25.95%，为今年以来的最高水 平。 在行业持续面临下行压力的宏观背景下，水井坊Q3业绩的环比回升，更折射出了公司在调整期中的经营韧性。水井坊以聚 焦长期价值的战略定力，通过稳步推进价值链维护、渠道治理、品牌建设和产品梯度优化等一系列举措，在保持整体健康运行 的基础上，持续推进既定战略的有序落地。 一、在行业逆风期中，保持定力 结合今年三季度整体表现来看，主要白酒上市公司收入端与利润端，均普遍承受下行压力。据统计，2025年1月份—9月份 白酒行业实现营收3102.8亿元，同比下降5.48%；净利润1226.9亿元，同比下降6.63%，净利率为40.6%，较去年同期下降0.5个 百分点。从三季度单季来看，行业实现营收763.1亿元，同比下降18.4%；净利润282.1亿元，同比下降22.0%，净利率下降至 38.0%，较去年同期下滑1.7个百分点。 在数据背后，不难看出当前行业已进入更为 ...

Core Viewpoint - Water Jiufang has shown resilience in a challenging white liquor industry, achieving a significant recovery in its third-quarter performance, indicating a strategic shift towards quality over quantity in its operations [1][2][4][6] Group 1: Financial Performance - For the first nine months of 2025, Water Jiufang reported a revenue of 2.348 billion yuan and a net profit of 326 million yuan [1] - In the third quarter alone, the company achieved a revenue of 850 million yuan, a 57.78% increase compared to the second quarter, and a net profit of 221 million yuan, marking a return to profitability [1] - The net profit margin reached approximately 26% in the third quarter, significantly higher than the first half of the year, indicating a recovery in profitability [2] Group 2: Industry Context - The white liquor industry is undergoing a profound transformation, with a reduction of 100 large-scale enterprises in the first half of 2025, and a slight revenue increase of only 0.19% year-on-year, while profits fell by 10.93% [2] - Approximately 80% of listed white liquor companies experienced varying degrees of revenue decline amid this challenging environment [2] Group 3: Strategic Initiatives - Water Jiufang has implemented a channel inventory management strategy, including a full-channel suspension of its core product to maintain reasonable social inventory levels [4] - The company has integrated channel inventory management into the core performance evaluation metrics for management, emphasizing the importance of channel health [4] - Water Jiufang's "coexistence and win-win" philosophy with distributors has led to increased channel investments and credit sales support, exemplified by the dual-limit strategy for its new product [4] Group 4: Product and Brand Development - The launch of the new product "Water Jiufang·Jing 18" in September reflects the company's deepening presence in the mid-to-high-end market, featuring a blend of 5-year base liquor and 8-year flavored old liquor [6] - The company is actively promoting its brand strategy "Drink Good Wine, Celebrate Good Events," enhancing emotional connections with consumers through unique consumption scenarios [6] - Water Jiufang's focus on channel health, product innovation, and brand building during the industry's adjustment period demonstrates its strategic determination and resilience [6]